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Output: A world of trouble

A speech from the Federal Reserve Bank vice chairman suggests worrying factors are behind the UK's productivity crisis

By Jay Elwes  

Stanley Fischer: Bearer of bad news. © World Economic Forum

A speech given this week by Stan Fischer, Vice Chairman of the Federal Reserve Bank, got to the core of perhaps the most important lesson of “The Great Recession” that hit the global economy after the crisis of 2008.

Fisher addressed three elements of the post crisis economic landscape: the impact of the crisis on output; financial reform; and monetary policy. Of the three, it was the first that contained…

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